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Comparison of Indian Copper Scrap Actual Price and Predicted Price [September-01-21]

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by - 9/1/2021 636 Views

Analyzing the Correlation between the Predicted Copper Scrap Price and Actual Copper Scrap Price for the 1st of September 2021

Our RIM research team has been researching Copper Scrap prices for more than a year. The research models we used predicted the Copper Scrap prices with an accuracy of over 98%. Using Granger's Causality, Ordinary Least Square (OLS) and Linear Regression research methods, we have predicted the prices of Indian Copper Scraps for the 1st of September (Predicted on August 31st). Now let’s compare the difference between the predicted Copper Scrap price and Actual Copper Scrap price.

Results for Predicted Copper Scrap Price - September 01, 2021 [Predicted on August 31st, 2021]

Copper-Predictions-Comparison - India Sept 1st

Graphical Representation of Actual Copper Scrap Price vs. Predicted

MCX Base Metal Price

 

MCX Copper prices on August 31st traded at Rs. 720/KG. Copper prices are in rally after a decline of three month lows.

Global consumers including China were back to the market to invest in Copper. The slump in prices invited the consumers to trade Copper. Additionally, China announced that there was no fresh surge of Delta variant Covid cases in China for the first time since July.

Due to fear over the third Covid wave, manufacturing and retail sales in China moved slowly. Slowed economic growth and manufacturing activity have weighed on industrial metals like Copper. Data released two weeks ago showed that the country’s retail sales and industrial output were lower than expected in July.

At present, Chinese consumers have begun to trade Copper on-demand and supply concerns. In the coming week, we can expect the China’s manufacturing PMIs will impact Copper price.

Copper prices in August slips 0.14% or Rs. 1.00 from the Monday’s settlement price (August 30, 2021) of 721 INR/KG, touching 720 INR/KG (August 31, 2021) on the MCX Futures.

For the past two months, our RIM research team has been in the process of predicting the US Copper Scrap prices. Our research has gone successful and we have predicted the Copper Scrap prices with the difference value of 0.5 to 2%.

Our RIM research team continues the research on Copper Scrap prices and, we will update it here. Subscribe for RIM Scrap Price Access and Current Copper Scrap prices.

For a complete list of Copper Scrap ISRI Codes, please click here or visit our ISRI Codes Section.

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Category : General

Tags : Copper, Copper Scrap, Copper Scrap Price, Copper Scrap Price Predictions


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About Jenisha Rajakumar

I'M a Research Analyst and Content Creator at RIM. Currently I'm researching on Copper Prices around the Globe and the impacts on Copper Scrap Prices with regard to COMEX, LME, SHFE and MCX. .... more info

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